In this animated video Attorney Antonio Moore details the difference between Black and White wealth in the United States of America. Moore uses several key pieces of data to show the entire way we have come to think about race, wealth, and equal access is wrong.
A few pieces of the data shown:
1) The top few hundred white families are worth more than all of black America combined
2) There are over 8.5 million White households worth more than a million dollars, and only a few hundred thousand black households that cross the same threshold. Also the number of black families with a million dollars or more is shrinking.
3) The top 50% of White families control 88% of all the personal wealth in America
Watch the video to get the full context. Simply put it is a simple black and white lesson on the truth of America’s wealth.
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Read Moore’s piece “America’s Financial Divide” on Huffpost
Demos.org summed it up in the piece “The Top 10 percent of White Families Own Almost Everything” stating “White families hold 90 percent of the national wealth. Hispanic families hold 2.3 percent of the national wealth. Black families hold 2.6 percent of the national wealth.” So despite a display of what I have termed the “Decadent Veil”, where a small group of wealthy black entertainers are shown repetitively in media. We can see the assertion in clear application when looking at Black America with a closer lens.
According to the Slate.com article “The Wealth Gap Between Blacks and Whites is Even More Enormous Than You Think”, the median white family has a net worth of $116,000 dollars. This indicates 41 million white households across the nation have over $116,000 dollars in net worth. In comparison, nearly 40 percent or 5.6 million African American homes in the U.S. have zero or negative net worth. In addition, when you deduct the family car as an asset, the median black family in America only has a net worth of $1,700 dollars.
This tells a story of access and opportunity and the lasting effect of a history ripe with dissemination of advantage based on color. If nearly all of the American wealth is in white households, how do we ever expect to achieve access for all?